Sam Bankman-Fried Loses Appeal; 25-Year Prison Sentence Upheld
Summary
- Sam Bankman-Fried, the founder of FTX, will keep his 25-year prison sentence after losing his appeal.
- US prosecutors say he misappropriated about $8 billion in FTX customer funds, while he has denied all charges.
- Bankman-Fried is being held in a federal prison, and his projected release date is 2044.
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Sam Bankman-Fried, the founder of FTX, lost his appeal and will remain under a 25-year prison sentence.
Reuters reported on June 12 that a three-judge panel of the US Court of Appeals for the Second Circuit in New York upheld both his conviction and sentence. The court rejected his appeal of the fraud case tied to FTX's collapse.
In a 42-page opinion, the panel said the government's evidence was "overwhelming, to put it mildly." Lawyers for Bankman-Fried did not immediately respond.
Bankman-Fried was convicted in 2023 on seven felony counts. US prosecutors say he misappropriated about $8 billion in customer funds from FTX.
He has denied all charges. At trial, he acknowledged mistakes in running FTX but maintained that he never stole customer funds.
Bankman-Fried is being held at a federal prison in California. His projected release date is 2044.
He recently filed an application for a presidential pardon with the US Department of Justice's Office of the Pardon Attorney, more than two years after his conviction in the FTX case. He reportedly requested a pardon after completing his sentence.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
